for black sky and as soon as tomorrow astra space making its latest attempt to reach orbit with its new rocket, as well a lot to watch in the space space for investors. >> and we know you will. >> yes. that does it for us on "squawk on the street. "techcheck" starts now. happy wednesday. welcome to "techcheck. i'm john fortt, carl is off. dash drops cash as shares rocket higher is this the top or just the beginning? we'll tell you why the stock is getting downgraded by somebody today although there are also some price target hikes. plus, the other side of the coin is, well, coin getting crushed after a revenue miss

that stock is now back below its ipo price. so, later does tesla finally have a legitimate competitor in ebs. amazon certainly hopes so and rivian set to go public. early indications larger than ford, mgm when it opens for trading. we've got the ceos of fubotv and d do doximity >> before we get to the sharp moves in stocks and ipos, we want to start with a broader look at the market cpi seeing the largest surge in three decades. that hit tech stocks high fliers like amd, nvidia leading us lower and also big cap tech microsoft, alphabet all lower by about a percent or so doordash up big in early

trading. shares up more than 16%. a mixed but solid quarter with the revenue beat but wider than expected losses. it was dash's $8 billion acquisition of delivery company vault that turned shares around. here's tony with jim last night. >> our international business particularly in canada, australia and japan are our fastest growing markets and from third-party estimates we gain meaningful market share in the quarter, as well as this year. and with today's, you know, news, it really, the partnership really lay the foundation for us to operate across, you know, over 20 countries. >> today's surge might be the top and takes the win downgrading dash to a hold this morning. john, i get it this is one of the most richly valued gig economy plays, but you have to question does tony deserve that kind of premium? >> he's executing when you look at the efficiency and the growth

rate they're managing to grow faster while spending less. yes, there's still losses happening here but the model seems promising, julia. i mean, you look at their ambitions beyond restaurant. you think doordash and you tend to think food delivery but right now they've got, let's see 40,000 nonrestaurant partners in the marketplace. i mean, they're expanding into last mile solutions, into grocery and into convenience and into a lot of different categories that are going to make them a player, i mean, the total adjustable market just keeps getting bigger >> a lot of different categories and a lot of consumers turned on to doordash during the pandemic. but you have to wonder how much they're counting on the international growth because they've seen so much of the growth they're going to get and a real pull forward because of the pandemic the analyst note notes that there isn't a lot of information about the financials yes, it has a big reach, but

unclear how profitable that reach is, deidre so, i wonder going forward if this acquisition is because you have to go international in order to justify the valuation >> in the business model you're seeing that change a little bit. used to be this platform to connect buyers with merchants and now getting more vertically integrated with dash mart. that is owning part of this. used to be an asset light model and still a very expensive one but nmore capital to develop their fulfillment center we know that uber is trying to get into the space, as well. >> absolutely. we just talked to that robot delivery company that is working it with uber eats as they work on their last delivery and doordash shares up 16%. let's turn to coinbase a different story there. weaker than expected revenue for the quarter and plus another decline in monthly users having a big impact on the stock this morning. those shares are down right now more than 3%

here's our friend dan on "fast money" last night with some pretty harsh words on those results. >> i think this was a pretty bad quarter and it all comes down to the yield, the take rate, right. robinhood, robinhood, as well. robinhood is giving it away for free and coinbase is trading a lot of money to trade in and out and what you're seeing the pressure in crypto is coming in at a much faster pace than people were anticipating and i think that, to me, is the biggest out there. >> pricing pressure in crypto, pricing pressure in trading. deidre, what do you think is going to happen next >> well, with all due respect to dan dolev looking at a disappointing quarter and what we have been saying all along this is a long-term story. is coinbase going to be the go-to platform not just for crypto but nfts and further

expansion and an interesting point on the call, john, which i don't know if it was overlooked but armstrong did meet with gary g gentsler and it was very productive baby steps but steps all the same and if coinbase wants to position itself as sort of the platform cooperating with regulators and the wild west of crypto something for investors to chew on for the long term >> who would have thunk it i think a bit of a yellow flag at least, though look at so many crypto currencies at or near all-time highs. moved in tandem with those and bitcoin and eether were higher and not the case now we'll see how quickly they mature meantime, the ipo of the morning and possibly the year is rivian, ev making pricing above the range set to open any minute now and valuation north of $70 billion. well north at this point phil lebeau has more on that

debut. >> active morning, especially if you are somebody watching rivian and saying, boy, where is it going to open up at. $78 a share was the price, but most believe it will open up far higher there is r.j. founder and ceo of the company ringing the nasdaq virtually ringing the opening bell at the company's plant in normal, illinois by the way, this ipo is expected to raise more than $11 billion for the company. what are theygoing to do with it they are going to add another plant. this is the plant right now in normal, illinois they're going to look for a second plant haven't identified a final location yet this plant that you're looking at right here will reach full cap capacity, at least that's the expectation from rivian by late 2023 and they are coming online at a time when demand for electric vehicles is accelerating it was expected by many that you would see two million in ev sales and maybe by 2027, 2028. oh, no, that timeline has moved up now most expect we'll hit $2

million in annual ev sales in the u.s. by 2025 as you take a look at the market cap of the automakers here in the united states, not all of them, but four of the primary ones, especially when it comes to electric vehicles right now general motors, tesla and, obviously, tesla has the largest market cap and then gm, ford and lucid. now you're going to have rivian coming in potentially with a market cap of, what, 104, $107 billion and, guys, that is not a given the excitement we've seen with electric vehicles and not a surprise that you see rivian come in with a market cap north of $100 billion. >> seems that maybe investors have a lot of questions that they might want to ask before getting in at that sort of a height phil, i wonder what benchmark. easy to forget how hard this is. at this point tesla makes it look easy and execution not easy

in evs what are the benchmarks you're looking for from rivian to see if they can scale and really compete here >> well, it's going to be the benchmarks that they've thrown out there in terms of their projection for production ramping up and hitting full capacity by the end of 2023. john, i think part of the enthusiasm here is some people look at rivian and they say is this a proxy for if amazon was in the auto business amazon owns 20% of rivian. they've got an order for 100,000 electric delivery vans by the way, that's going to increase in the future the first ones are expected to be delivered by the end of this year that's a nice little base to have there 100,000 already in the pocket and there's going to be more orders to come in the future >> phil, thanks so much for that we'll stay with rivian and our next guest is going to talk about rivian in terms of this area that we're in, tauthor of

the newcomer, eric, good to have you. 1 in 1,000 shot priced like a 1 in 10. how is that any different or not different from some of the other plays, ones you mentioned, and even some of the other stocks in this meme stock era? >> yeah, the euphoria around rivian keeps making the case easier and easier. it's pretty simple you know, a company that is producing cars that hasn't delivered many of them and promised like 1,000 this year is waffling between whether it will generate zero or $1 million in revenue this year. a company whose losses will have toic a celerate. yes, raise a ton of money in this ipo given the pricing, but the amount of money that car companies spend is enormous. so, building up the kind of skill requires excellent execution and so, you know, there are lots of businesses where you can get really sucked

into the story but the problem with car companies is they have to deliver quarter after quarter on a fundamentally low margin business that requires a lot of operational excellence some of which you have to learn over time even if you're the smartest new company around it just takes time to figure out the process, learn from your mistakes and deliver >> eric, i think that's key that making cars is a very expensive, capital intensive business the fact that this company could go public with a valuation of more than $100 billion today, that is a risk in and of itself because even though it is raising tens of billions of dollars or has raised that much, it needs to continue to raise money. so, any further bad headlines could hurt the ability when it's a public company to raise more money in the capital markets >> right i mean, i was looking at ford, which i think rivian is now on track to maybe have a larger market cap than ford at this point. but, you know, ford's costs in expensives came to $117 billion

in 2020. i mean, the beauty of a functioning car company is that they have a lot of revenue to offset those costs and expenses and so then, you know, they only lost $1.2 billion. but you need to have the revenue coming in to cover the spending that you're going to have to do to operate a car company tesla's cost of revenue in 2020 was $25 billion. so, given the initial projections for the ipo, that's more than the $17 billion that rivian thought it would have on hand after this whole process. so, you just have to think, if it's going to operate on the scale of a tesla and compete with ford on market cap and not have the revenues to cover the expenses, this is a company that is still going to have to burn a lot of money to deliver on what people want here >> yeah, eric, as we await that first trade indication is that $122 a share i have to ask, though, what do you think is going to be the catalyst to cause this bubble as you describe it to burst and what do you think the impact

could be outside of rivian itself >> yeah, i mean, it's, you know, tesla, obviously, has been the most fascinating stock to watch this whole period and defenders of rivian would say many of the things that i'm sort of arguing against rivian you could say about tesla at the time. so, obviously, tesla is an electric vehicle company that has proved to people over time that it could deliver on some of what it promises and continue to grow and excite investors. but, you know, tesla is an extremely valuable company and part of the reason i think we're seeing this euphoria around rivian is the multiples that tesla trades on and the reality is that there's more competition now. traditional automakers are getting on this and rivian is adding to the competition. yes, there is a desire from the public and the governments i mean, i certainly believe in the move to electric it's not that i don't believe in electric vehicles but a competitive space that a lot

want to compete in people were excited about airlines at one point and then it turned out you have a lot of airlines and it's good for the consumer and bad for high market cap companies and that's the risk here in terms of huge events, i don't know it's just like, it's hard to guess when the music stops and anyone who has been saying it is all going to stop is going to be wrong. i will not say what ends it. it could happen some day >> and, you know, investors, retail investors getting into the stock right now and increasingly paying a lot for the probability will make it we will continue to say all over this ipo as we watch that opening trade with an indication to for that company to open at a market cap of more than $100 billion. indicated right now at 120 bucks, john. >> well, the music always stops eventually the ceo of unity is after the break. tesla loses intel in just three days we'll explain next "techcheck" just getting

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as we wait, rivian, let's get a gut check on tesla take a look at those shares sliding since elon musk took to twitter asking his followers whether he should sell 10% of tesla stock. biggest drop of the year closing lower by 12% the company has now lost around $207 billion in market value, that's like losing an entire intel in just the span of three days and in the history of the bloomberg billionaire index musk's losses represent the biggest two-day decline ever but shares are bouncing back about 4.5% today and the stock is still up 50% this year. bank of america raising its price target to $1,200 that's 12% upside from where we are right about now. >> musk's wealth will be okay, julia. turning to what else, the meta verse unity stocks seeing a boost

after beating third quarter expectations for earnings and revenue as well as raising full-year guidance it intends to buy "lord of the rings" digital effects maker for more than $1.6 billion in cash and stock. unity would retain all the company's engineers and chief technology officer joining us now john riccitiello great to have you today. >> great to be here. >> leading players including roblox, take2, epic. how should investors value companies in this early, but growing category >> well, i'm not sure the metaverse is exactly a category, but i would say, look, whennia think about the metaverse i think what most people are talking about is web 3.0 but instead of being at a 2d presentation it is 3d and interactive and companies that make games whether it's roblox or octvision

those are important destinations and the theme park we'll call the metaverse and it creates in the content creation in the world the new metaverse and an xr device and it's usually built. the underlying tools that are creating the metaverse and also a set of services around modernization and analytics and hosting, voice for operating those businesses but we're not a direct competitor for companies like a roblox or minecraft or world of warcraft and where they make consumer applications. >> to that point, john, you have the ability to reach manymore developers and many more parts of this ecosystem than a roblox creating one of these universes. how should investors versus a pure gaming company that is not

building the tools necessarily >> i think gaming companies, it's harder to say this any more directly than we are entirely different categories i don't know how to, you know, how one should value roblox. it's a great company with a product that millions of people love but it is one destination in the metaverse. and unity is a software company. we build tools and services for literally what i think are going to be millions of companies that are going to operate in the metaverse space. so, we're in a lot of ways maybe cast it back to the 1849 you know, there are companies that had gold mines and then there was levi strauss we're the levis of this thing. not necessarily building a metaverse destination or a ride in the theme park, we just reported a 43% quarter and we've been hitting above 40 every quarter for the last couple of years. you know, beating our numbers

and raising guidance we're just a different category. i love this company. we get to really define how the metaverse is going to come together and the way we pull our tools together and the recent acquisition we just described, not the special effects house, but the technology team and tools, that's going to help us do it even faster, bigger, better >> yeah, john, i don't like this whole metaverse messaging thing. i mean, i appreciate what unity does and the category and the growth in 3d and the use of that not only in gaming but across different categories in corporate but there are other companies, facebook included, that don't necessarily there all the products and business built yet. but anyway, your thoughts on that -- >> i agree with you there. i agree with you the metaverse, how many different things to so many different people if you go back to what we have been saying for years, we're about the creation of realtime 3d applications and we described over a year ago how that would

manifest itself in a new version of the web whenever you get a hold of one of these memes it runs its course i don't know if it will run its course or hang around forever. i know where's a real business not a bank on some definition. >> quickly, how do you expand the influence and value of that outside clearly of movies, even outside of gaming into some of the categories where corporate customers, where others who are trying to build meaningful and deep 3d experiences would get value from it? >> well, so, that's probably the easiest question in the world to answer because as we stand today, what is tools the most powerful collection of dozens of tools from city builder to water simulation to human creation to hair and all the rest of the stuff that as artists we want to do. they have by far the most compelling collection of tools

the world's ever seen but they're trapped inside of a special effects house, a wonderful special effects house run by peter jackson and his team but what we're going to first do is take them to the rest of the filmd industry and then take thm to the rest of the game industry city builder is an example which allows you to build dynamic living cities is exactly what architects and engineers and people that are planning, you know, traffic simulation we want to use so, we're really in this lucky position to have come to an agreement over the most powerful collection of artist tools the world's ever seen with really obvious application from one studio, if you will, weta to the rest of the film industry, to the rest of the game industry and to industry after industry that is going to need these dozens of tools to participate in the new 3.0 applications they're going to want in the new web. >> and, john, we've been looking at some of the images and technologies on the screen as you were talking

never fail to amaze. john riccitiello, thanks so much a big hour of "techcheck" continues. ceo of doximity as that stock is down plus the ceo of fubotv a similar story there ahead of disney's earnings tonight. we're back in a momenty travel so let the geico insurance agency help you with homeowners insurance and protect yourself from things like fire, theft, or in this case, water damage. now if i had to guess i'd say somewhere upstairs there's a broken pipe. geico. save even more when you bundle home and car insurance at geico.com.

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welcome back to "techcheck" i'm deidre bosa with john fortt. latest indications on the monster ipo in just a moment 120 right now and was as high as 125. first, though, time for a news update with rehel solomon. >> good morning. president biden says that reversing the trend to higher inflation is a top priority. he is asking his economic advisors to look for ways to reduce energy costs and also asking regulators to target any

market manipulation in that sector the statement comes about an hour after the labor department says consumer prices jumped 0.9% in october compared to september, well above expectations cpi is up 6.2% over the last year a 30-year high and even with volatile food and energy prices removed, the core rate was up 0.6%. that is a 4.6% gain over the past year and also a 30% high. president biden appears happier with a new pandemic low for unemployment claims. they fell by 4,000 to 267,000 as the job market continues to gain strength. today's economic numbers have moved up expectations for the federal reserve's first interest rate hike based on prices and the fed fund futures market traders increasingly expect it will happen as early as july of next year as well as september you're now up to date. john, i'll send it back to you. >> thank you. miguel cardona wants a 30%

increase for education in the budget and that is a tough sell to republicans in particular i spoke with cardona at the national conference in washington, d.c., yesterday. i asked him how the biden administration hopes to use those funds and technology to address the skills gap and bridge the digital divide. >> we're going to make sure that we're creating a more clear through line between our k-12 system, our two-year college, four-year college and the workforce. there are jobs right now high-paying, high-skilled jobs that are not filled. we need to do better making those connections. and the budget proposal and the framework, billions of dollars for workforce preparation programs community colleges are the back bones. i visited dozens of community colleges in the last seven, eight months and i see those graduates getting jobs before they finish. there's a 21% on average, 21% increase in salary when you graduate a two-year school our workforce partners need to

be at the table designing programming and making those connections and this is a big part of the president's plan this is a big part of the department of education's focus moving forward not only in policy but resources >> what is the right role of technology and the federal government's role in sort of setting the boundaries or incentives around that in getting to that place that you're referring to here certainly there's some spending involved, but, you know, right now there's almost a bit of a technological backlash people don't want classes just over zoom, but you were just talking about a teen in the midwest who you talked to who had access to ap classes, right, because a teacher who was states away was able to teach that. so, how do you thread the needle >> think about the potential here if we maximize the benefits of blended learning or if we maximize the potential of technology and the positive impact it could have

if it wasn't for technology and band width, many students wouldn't have access to basic education over the last 18 months yes, it's good are we tired of just remote in many places we are i think our families and our students need that interaction but as you mentioned for our students in rural communities, think about the doors that can open for them when they can study fields with people instructing them that are not necessarily next to them because maybe their schools don't offer that robust options. think about that student that can take classes with a professor across the country to learn a skill that that community needs. you know, there's tremendous upside to this i look forward to in the very near future saying that the digital divide is in our rear view mirror where we have access we know the laptop or the devices is not a luxury any more it's not a luxury any more students communication right now

involves technology and we need to understand that education must embrace that and prepare students, not only for the technology of today, but for the changing technology. our schools must prepare students how to navigate internationally through technology and through the upside that it provides not only in education but in commerce and so many other ways >> there was a lot more to the conversation you can catch the entire conversation streamed on our s twitter page >> great conversation. nasdaq lower by half a percent and investors getting dipped with their chips this morning. the ceo of fubotv is with us next stay right here. ♪ i see them bloom ♪ ♪ for me and you ♪

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shares of fubo sinking after posted q3 results last night and larger than expected losses there and the company has now topped 1 million subscribers six years after its launch head of disney earnings coming up after the bell. let's bring in fubotv ceo david gandler. thank you for talking with us this morning as we watch your stock plummet andern cans of the $185 million acquisition of a streaming company and also concerns about guidance for average revenue per user declining in the fourth quarter. what is your message to

investors now? >> yeah, i mean, the message is clear. q3 was a phenomenal quarter. we exceeded expectations across every kpi, triple-digit growth you know, we set out to launch a betting app at the beginning of the year we did exactly what we said. this is a company that executes extremely well frankly, when we first came on your show i think it was just a year ago, we were at about 286,000 paying subscribers and everyone thought that growth was probably impossible. so, we're very happy with our current growth rate. we raised guidance, again. four quarters again for full year 2021 and our adjusted eps came in at minus 59 cents which was better than consensus, so minus 65 cents so, again, we feel really good the acquisition, i just want to

be clear we're not going out to crush competitors in new markets the reality is that this was a wonderful company that has significant amount of talent they have a fantastic technology platform and, you know, fubo use the same tooling and the same infrastructure and we have very similar operating models so for us this made a complete sense to power our u.s. business as you know a constraint labor market in the united states that opens up our capabilities for the u.s. our situation. >> david, your stock is trading down more than 17 right now. we'll hear from disney after the bell disney has been investing more in espn plus and getting the sports rights. we have been hearing sports rights for paramount plus and amazon how do you see yourself being positioned in this competitive

landscape where it's pricier than ever and more competition than ever? >> look, it's a great question which is the reason why you should be investing in fubotv. we're aggregating all the most expensive sport content in the world. 96% of our total subscriber base watche watches sports in the cable ecosystem 30% of customers raise. what happens the 70% that don't watch sports typically don't want to pay. fubo has a high-quality premium subscriber base and we have priciing power and you continue to see that and we're continuing to execute quite well. over the long haul if anyone can afford to's going to be fubo. >> julie mentioned spn plus in the sports landscape but what about the likes of youtube tv which is estimated to have around 4 million subscribers making it the largest, if that's

true, the largest internet tv provider in the u.s. how do you compete with them while raising your prices, if you can. and does that sort of, do you think the average revenue per user could decline further in the future as you do compete >> well, just to be clear, i don't know why you believe that average revenue per user is declining. it's actually up 10% year over year we continue to see strength. we sold 2.2 million attachments. we are very comfortable that we'll continue to raise our long-term over the long haul in fact, our long-term targets are roughly around 80% subscription revenue and ad revenue. we feel very comfortable about our ability to do that as it relates to youtube tv, i'm glad you brought that point up i can tell you there was a time when youtube was at 3 mill cnn and we were at 100,000 the market is growing at roughly 31% year over year

fubo growing 100% year over year we're taking market share and last but not least if you look at the traditional cable ecosystem they lost 1.2 million subscribers in the third quarter. fubo added just about 20% of those customers on to its platform so, if you extrapulate out ten years and you believe the, mat is worth 50 million, i don't think it's outrageous to believe we'll attract 10% and 20% of subscribers over the long haul we feel really comfortable where we are and it's not a zero sum game >> and we certainly have been talking a lot about the shift from linear to streaming and, of course, you have the whole betting piece, as well david, thanks so much for talking to us. we hope you'll be back soon. >> absolutely. thank you guys >> speaking of streamers i'll speak with bob chapek tonight at 5:30 p.m. eastern on "fast money. we'll dive into that intervau

tomorrow on "techcheck." bitcoin hitting an all-time high today "techcheck" is back in a moment.

meta announcing its

integrating its facebook workplace product with microsoft teams. as part of this partnership, users of workplace can share information inside of microsoft teams without having to switch between the two apps the companies also adding the ability to stream teams meetings into workplace groups by next year head of product for workplace telling us that they're responding to customers who use both products and want them to work together. >> both microsoft and meta and workplace specifically, we both believe that we need to, as being leaders in this industry, we need to make our tools work together in valuable ways and innovate together. >> i asked if meta is focused on driving the growth of workplace because of all the criticism and challenges at its core apps around misinformation as well as the negative impact on teens >> we have less challenges than the consumer apps do because of

things that you mentioned. because it's tied to your work identity it is a much more controlled environment. so, it's less about like trying to branch out into that. it's tied to our mission and it's less complicated in some ways than the actual consumer, that the problem the consumer apps have to deal with >> meta and microsoft were already partnered on microsoft azure, onedrive and microsoft office and it sounds like they're going to continue building these partnerships as they expand into the metaverse what else, john, i know you're a skeptic. >> anybody else forget that facebook workplace was a thing i think they got 7 million paid subs while microsoft teams has around 150 million is this capitulation when i see, i don't know, we'll see how quickly they can grow from 7 to more than 10 and maybe upwards into 20. >> john was on your page, john,

when it came to the use of the word metaverse. >> a lot of marketing dollars behind metaverse a lot of marketing dollars check out shares if palantir downgrading the company to sell after revenue growth slowed those shares down5% today. but it's a stock that is down 40% since february still up, though, 150% since its ipo a year ago more "techcheck" is straight ahead. stay with us

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there isn't enough time to get to all the earnic central. the cloud-based communications company soaring on the back of strong earnings, up more than 25%. john has a $27 billion market cap. >> yeah, good day for sure heading in the other direction is poshmark. shares plunging after the company misses on the top and bottom lines alongside downgrades from mkm and william blair. if you've gotten in on the ipo in january, you'd be even more under water. shares priced at $42 per share and are down quite a bit since then you can see it now around 17 a share. shares now a whopping 84% off their highs of the year, julia >> and john, we're still keeping an eye on what could be one of the biggest debuts of the year

open at $120 and that would give it a valuation north of $100 billion. we're back in a moment salute to veterans veterans day terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this veterans day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy.

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of rivian. you can see it there at 115. just a couple of minutes ago it was at 120 it was looking as high perhaps as 125 don't worry if you like big numbers because it priced in the 70s and it's opening well above that with an implied market cap in the neighborhood of $100 billion. meanwhile, doximity, and it has 40% of doctors in its network out with q2 results despite a 76% jump in revenue. with us now is doximity ceo jeff good to have you the lockup expiration due this week is probably what people are trying to get ahead of here, but the growth particularly for large customers seems to be strong give us some color on what you're seeing happening in your customer base.

>> thanks for having me, john. i see a big week for us as we report earnings and hit our lockup a quick reminder at doximity we help doctors save time to provide better care for their patients 80% of u.s. physicians are active on our platform and we have telehealth video calls, e-signatures, news on the latest treatments and therapies and yeah, it was a really strong quarter for us we had an 8% beat on the top line and we raised 10% for the year which only has four and a half months left we raised $30 million on the top line from 298 to 327 at the midpoint of our range which we think is strong growth and we're doing profitably 41% ebitda margin and all nine of the analysts who cover us raised their price targets. >> doctors and medical professionals spend a lot of money and that was an important audience for a lot of people who want to market to and tell me

about the roi that you're seeing from their interaction so we work with our partners which are the best brands of medicine and all of the top 20 pharmaceutical companies and the top hospitals. we work with them on the year-long programs where we work on getting them more patient referrals and the nice thing is there's third-party data that can then measure our roi completely independently and we did dozens of the studies last quarter and the immediate roi went to 17-1 for every dollar they spent on marketing, which was good for them. they looked for a two to three times return on their investment and they're pretty happy with us and that led us to have 173% net revenue retention rate or growth within the existing clients over

the past 12 months which we think they're pleased with what we're doing and the sales motion is working >> yeah, jeff. i'm curious as you look ahead to future growth next year how much of your growth will be about adding new customers versus taking the customers who are already telehealth subscribers and if you're concerned about any of that growth being hampered that people will be seeing their doctors in person post-pandemic. >> if you look out to next year's growth, we see a decade-long shift here to digital inside of pharma and health care more broadly in 2020, they only 2028% of their marketing budgets digitally and that's when the fortune 500 spent more than double that, 63%, so they can double their digital spend and still be a laggard relative to other industries and as more and more doctors are closing their door to traditional sales reps,

only 21% of oncologists now in the u.s. still see reps, traditional reps we think that -- that shift to digital will accelerate and again, we'll be part of a decades-long secular shift we don't think we even need to add new clients to continue to add this kind of high growth, but that said, we have had medical device companies and the market's come to us and it's still smaller as a percent of the revenue and we signed the first seven-figure deal this past quarter and we do see other vectors grow >> all right strong numbers within the report despite what the stock might be doing at any given minute. jeff, thank you. >> thank you so much >> our one more thing this morning is citadel's ken griffen with our deal book talking elon musk have a listen. >> i never thought we'd let our ownership stakes be dictated by a poll on twitter, but i think it was a move by him to highlight some of the issues at

play with respect to tax policy. we don't want tax policy to drive great entrepreneurs like elon out of their seats. i mean, if you think about it, we have american entrepreneurs that have radically changed our society over the past 20 years, some for the better and some for the worst and these individuals like elon musk and jeff bezos have transformed life and we want to keep them in control of their companies as much as they have the energy and ambition to keep their business moving forward. >> i don't want to see them selling. >> some for the better, some for the worst. he named one of the good case scenarios like elon musk and jeff bezos and someone luke mark zuckerberg, julia, retaining his voting rights and ownership stake allowed him to do a lot with that business with the shareholder of some. >> you might want to influence future ceos to which we like to

see the likes of mark zuckerberg >> the way people pronounce bezos. >> meanwhile, door dash, as we mentioned still up about 14.5%. >> and we are watching rivian. the latest indication that those shares would open at $115 a share. let's get to the halftime. ♪ thanks so much welcome to "the halftime report." i'm scott wapner the red hot inflation and what it means for the record rally with the fed and your money. we'll debate that with the committee. we'll have wharton school's jeremy segal joining me for the hour today, jenny harington, joe lebenthal, joe teranova and the founder of rebellion.com. everything else not moving off that much and we are, of course, waiting for that first trade i